Shares of CalAtlantic Surge on Buyout Offer
Shares of homebuilder CalAtlantic (NYSE: CAA) are up 22% as of 10:30 a.m. EDT today. The spike comes on the heels of Lennar (NYSE: LEN) announcing it will buy CalAtlantic for $9.3 billion. For reference, shares of Lennar are down 2.7% as of this writing.
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In a deal to consolidate the homebuilding industry, Lennar is offering 0.885 shares of its company for every share of CalAtlantic outstanding, which would value CalAtlantic at $51.34 per share. CalAtlantic investors can also opt to take $48.26 per share, but that offer is only limited to $1.2 billion. The combined company, if the deal were to close, would have a top-three market share ranking in 24 of the 30 largest markets in the country.
Source: Fool.com
Lennar Corp. A Stock
€74.74
0.030%
Our community is currently low on Lennar Corp. A with 5 Buy predictions and 16 Sell predictions.
With a target price of 73 € there is a slightly negative potential of -2.33% for Lennar Corp. A compared to the current price of 74.74 €.
